Monday December 16, 2019
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Warren Suggests Apple to Buy More Shares

At the end of the first quarter of 2018, Berkshire owned $40.7 billion of Apple's shares -- up from $28.2 billion at the end of 2017, The New York Times reported.

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It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.
Warren Buffett, US billionaire and investor, wikimedia commons

A day after multinational conglomerate Berkshire Hathaway acquired another 75 million shares of Apple, its CEO Warren Buffett said the iPhone maker should spend more cash buying its own shares.

“They are not going to find $50 billion or $100 billion acquisitions that they can make at remotely a sensible price,” ReCode quoted Buffett as saying at the company’s annual meeting held at Omaha city in the US state of Nebraska.

It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.

Apple posted a healthy revenue of $61.1 billion and net quarterly profit of $13.8 billion globally for its second quarter for fiscal 2018, defying global reports of a weakened demand for its iPhones.

A day after multinational conglomerate Berkshire Hathaway acquired another 75 million shares of Apple, its CEO Warren Buffett said the iPhone maker should spend more cash buying its own shares.
Apple Mobile, Wikimedia commons

Following this, Berkshire Hathaway acquired more shares and now owns a large slug of Apple stock and has 5 per cent stake in the company.

At the end of the first quarter of 2018, Berkshire owned $40.7 billion of Apple’s shares — up from $28.2 billion at the end of 2017, The New York Times reported.

He also said he likes Apple’s plan to spend $100 billion buying its own shares.

“I’m delighted to see them repurchasing shares. We own 5 per cent of it. With the passage of time, we may own 6 or 7 per cent because they repurchase shares,” he was quoted as saying.

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On having never invested in Microsoft, Buffett said that “in the earlier years, the answer is stupidity”. He stayed away from investing “because of the inference” that could be drawn.

On e-commerce firm Amazon, he said: “The truth is that I’ve watched Amazon from the start and I think what (Amazon CEO) Jeff Bezos has done is something close to a miracle. The problem is if I think something will be a miracle, I tend not to bet on it.”

Buffett said he had “made a mistake” on conglomerate Alphabet. He said he was unable to conclude that at Alphabet’s present prices, its “prospects were far better than the prices indicated”. (IANS)

Next Story

Apple, Spotify Podcasts Now Availabe on Amazon Echo Lineup

With this, the Echo line up from Amazon becomes with the first third-party clients to support the Apple Podcasts service without using AirPlay

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Amazon
It's also interesting that Apple is ceding some of its HomePod functionality to Amazon. Pixabay

Apple and Swedish streaming giant Spotify’s podcasts are now available on Amazon’s Echo line up of devices.

“Apple Podcasts can be set as the default podcast player from the Alexa app, too, so Amazon will default to checking Apple Podcasts first whenever a show is requested. Spotify also announced today that its users would be able to ask Alexa to play podcasts from its platform,” The Verge reported on Friday.

With this, the Echo line up from Amazon becomes with the first third-party clients to support the Apple Podcasts service without using AirPlay.

It’s also interesting that Apple is ceding some of its HomePod functionality to Amazon.

The HomePod offers syncing with Apple Podcasts, which was unique and potentially a selling point. Now that anyone can access Apple Podcasts from any Alexa device, the HomePod is less special, the report added.

Amazon
Apple and Swedish streaming giant Spotify’s podcasts are now available on Amazon’s Echo line up of devices. Wikimedia Commons

Notably, Spotify Premium users were earlier able to use Spotify Connect to stream to Echo.

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But now, the Swedish streaming giant says that both Free and Premium customers in the US will be able to ask Alexa for podcasts as well as set Spotify as their default player. (IANS)